With the advancement in technology, the banking options have also seen a drastic change over the years. There are banking activities that could be accessed from any place at any time. There are different platforms that could be used to perform tasks like – USSD based banking, SMS banking, and mobile banking, internet baking and telebanking. Through these banking techniques, you can easily transfer funds using online services.
A decade ago, no one would have thought that they would be making online transactions, bill payment and supporting digital money. However, it has evolved over the time with two great benefits. Firstly, it is the best way to save time with proper security. Another is that you can easily transfer money without carrying them physically.
You can even transfer money from Punjab National bank account to another bank with just a few clicks with the help of internet banking.
Transfer Money From Punjab National Bank
You can easily carry out the money transfer process from Punjab national bank account to a different account by following few simple steps. PNB is providing the best solutions to the prestige customers from years. It is offering services to many users all over India.
The various services provided by PNB also include money transfer from not only the account in the same bank but also in the account of other banks easily. You have to follow the few simple steps to transfer the money easily.
Transfer Money From PNB – Requirements
You need few things set up in order to carry out your money transfer process.
- Set up a PNB internet banking account.
- Details of the person you want to transfer money. This is known as beneficiary details. You will need basic details like bank name, account number, IFSC code, etc.
Transfer Fund From PNB To Other Bank Account: Step By Step Process
There are three main steps that you need to follow while transferring money. Setting transaction limit, add beneficiary to PNB and send money in real-time. So, simply follow these steps to start transferring money.
Setting Transaction Limit
- Visit the official website of PNB https://www.netpnb.com to log in to your account. Then you need to select the option from the corporate user or retail user. Log in to your PNB Internet banking Account by using your credentials – username and then click continue. Then you need to enter the user ID again and enter the passwords for logging into your account.
- Once you are logged into your account, you need to search for the option set limits from the side panel.
- When you will click on the set limit button, then you will be redirected to a webpage User limits.
- On the user limit webpage, you have to set the maximum limit of the money transaction.
- No matter what kind of transaction you are dealing in, you would need to set the limit. These limitations are set for PNB transfer, RTGS, Credit card, NEFT, etc.
- We will use the process of NEFT- National Electronic Funds Transfer for the transaction.
- Once you have limited the amount, then click on the continue button.
- You will receive a One-time password (OTP) on the mobile number you have registered while logging in to your net banking account.
Addition Of Beneficiary
- You just have to follow the steps for the first transaction. For the other transfer for the same person, you don’t have to add it.
- Once the limit is set up, you need to move the cursor from the navbar to the button named Transactions.
- Select beneficiary form the choice displayed.
- You will be navigated to the next page named as Manage Beneficiary, from the options drop-down menu select the option you want to pay to. There will be many options like for someone who has an account in the same bank (PNB) and for the other who has an account in some other bank like ICICI or SBI, etc.
- Once you have selected it according to your choice, click on the OK button.
- Then you will be navigated to the next step. It will be a form where you need to enter the nickname for the payee.
- Then enter the other details like account number and press the button Validate. When you will do it, the name of the account holder and his/her father’s name will appear. Cross check the details to make sure that you are doing the right transaction. If the details are correct, you can move onto next option. Here you need to enter the other details of the account like a bank branch, IFSC code, etc. Once you complete the form, click on the continue button.
- A new page will appear on your screen where you need to crosscheck the details you entered in the previous step like account number, name, father’s name, etc. Once you are sure that details are correct, you can enter the transaction password.
- After entering the password, simply click on Submit.
Now you have added the beneficiary to your account. Next time, you don’t have to follow this step for the same person. However, if you are transferring money to someone else, then you need to follow this step again and move to the next step.
- Once you are done with adding beneficiary details, move your cursor to the option transaction and select the option from – transfer to PNB account or transfer to another bank account like ICICI, Axis, SBI, etc.
- There are options like IMPS (to transfer money up to Rs.50,000), IMPS using MMID (to transfer money up to Rs.50,000 for MMID payee), NEFT (to transfer money between Re.1-Rs.10lacs and RTGS (to transfer more than 2 lacs amount).
- We are explaining the process using NEFT method. Also, the mentioned limit may vary so it is better to check before continuing the process.
- Once you selected the NEFT process, you will be redirected to the next page where you need to select the payee to whom you have to transfer the money and amount to be transferred.
- Then you need to select the option From Account which will be your account number.
- Then enter the amount you are going to transfer to the payee.
- Select the date whenever you want to transfer the money and proceed.
- You need to select maturity instructions meaning that it is going to be one time process or recurring event.
- If you want to add any remark you can add them to the next option. Things like reason of payment, payee name, etc. it is up to you.
- Click on the button Continue.
- You will be redirected to the next page where you can verify the details.
- Once you are sure that the details are correct, you can enter your transactions details.
- Well, you have successfully made the payment to your payee. You can also download a receipt for the record and press OK to end the process.
Transfer Time From PNB To Other Bank Account
The branch prepares messages known as Structure Financial Messaging Solution (SFMS) that will be sent to the main NEFT service centre. They will then forward that message to the local RBI for the further clarification.
RBI is responsible for clearing the transaction bank-wise. They also make certain entries of net credit or debit that is passed to the banks. Once the bank receives the message from the RBI bank, they will credit the amount to the beneficiary account.
Once the steps are cleared, the beneficiary will receive the money within 8 to 24 hours of the transfer in the other bank. You can expect to receive the money on the same day, next day or the next working day.
NEFT is an easy and convenient way to transfer money. It is a hassle-free way to carry out the online money transaction process. The bank charges a nominal amount while processing. The service charges are around a maximum of Rs 25 basic service charges for more than 2 lacs of the amount.
There are other charges for the different amount.
- Up to Rs 10,000: They will charge Rs 2.50 + service tax.
- For 10000 – 1 lacs: They will charge Rs 5.00 +service tax.
- 1-2 lacs: They will charge Rs 15.00 + service tax.
- For above 2 lacs: They will charge Rs 25.00 + service tax.
You can easily take advantage of online net banking and enjoy the transactions by using your PNB account from your website or mobile banking. To avail this service, you don’t have to visit the bank physically and everything is just a click away from you.
You can now save your time and make some extra money in that time by following the process of net banking. Also, you will save paper as you are not dependent on signing a check to make the payment. Neither have you had to visit the ATM to get the money. You can send money to any bank account in other country or in the country itself with security, comfort, and easiness.
We hope these simple steps can help you out to transfer money from your PNB account to another bank account easily.